A commercial real estate apartment building in New York City was recently sold by Rambleside Holdings for $98 million.
The Brewster, located at 21 West 86th Street, was sold to an unnamed buyer for approximately $690,000 per unit. In total, the property has 144 units. The property was initially constructed in 1927, and was a hotel until the 1980s. It was one of the last properties of its kind on the Upper West Side that has not been converted to condominiums. The sale was managed by CBRE, as it represented Rambleside during the transfer.
"Rambleside recognized the current lack of available multi-family product for sale in Manhattan and decided that now was an opportune time to sell,” said Darcy Stacom, vice president of CBRE. "The buyer was able to secure the asset in the marketing process by formulating a leasing strategy that would tailor to the Upper West Side rental market while continuing to renovate the Property."
The property spans a total of 116,000 square feet. Beyond its residential units, the property also has approximately 10,000 square feet of space currently occupied by Columbia University.